Friday, July 11, 2025

Brent Crude Falls Below $65 as IEA Cuts Oil Demand Outlook

Shutterstock

International oil prices dipped on Tuesday, marking the first decline in three trading sessions. The drop, however, was relatively modest.

Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) lowered its projections for global oil demand growth for this year and next. Following this, the International Energy Agency (IEA) revised its demand forecast downward today.

The IEA reduced its forecast for global oil demand growth this year from 1.03 million barrels per day to 730,000 barrels per day.

The growth estimate for next year was also lowered to 690,000 barrels per day.

Notably, the IEA’s adjustment for this year’s oil demand growth was 300,000 barrels per day, which is double OPEC’s 150,000 barrels per day reduction announced the previous day.

While international oil prices inched up slightly following OPEC’s downward revision of demand outlook the previous day, they ultimately succumbed to pressure from the IEA’s reduced demand forecast.

Brent crude, the global benchmark, settled at $64.67 per barrel for June delivery, down $0.21 (0.32%) from the previous session.

Similarly, West Texas Intermediate (WTI), the U.S. benchmark, saw its May contract slip by $0.20 (0.33%), closing at $61.33 per barrel.

Hot this week

Coffee Prices Jump After Trump Hits Brazil With 50% Tariff

Coffee prices surged after Trump's 50% tariff on Brazil, leading to retaliatory measures and a drop in Brazilian stocks.

Trump Pushes New 15–20% Tariffs on U.S. Trading Partners

Trump plans to impose 15%-20% tariffs on many trading partners, including a 35% tariff on Canada starting August 1.

Qualcomm’s Top AI Chip Now Powers the Galaxy Z Fold 7

Qualcomm's Snapdragon 8 Elite platform will power Samsung's Galaxy Z Fold 7, enhancing AI and performance in mobile innovation.

Nvidia Hits $4 Trillion Market Cap, Becomes First to Do It

Nvidia breaks the 4 trillion USD market cap, becoming the first to achieve this milestone in the AI semiconductor market.

Wall Street Ends Mixed as Nvidia Nears $4 Trillion, Tesla Rebounds

The NY stock market showed mixed results with Nvidia nearing a $4 trillion cap, while tariffs and Musk's politics impact Tesla.

Topics

Coffee Prices Jump After Trump Hits Brazil With 50% Tariff

Coffee prices surged after Trump's 50% tariff on Brazil, leading to retaliatory measures and a drop in Brazilian stocks.

Trump Pushes New 15–20% Tariffs on U.S. Trading Partners

Trump plans to impose 15%-20% tariffs on many trading partners, including a 35% tariff on Canada starting August 1.

Qualcomm’s Top AI Chip Now Powers the Galaxy Z Fold 7

Qualcomm's Snapdragon 8 Elite platform will power Samsung's Galaxy Z Fold 7, enhancing AI and performance in mobile innovation.

Nvidia Hits $4 Trillion Market Cap, Becomes First to Do It

Nvidia breaks the 4 trillion USD market cap, becoming the first to achieve this milestone in the AI semiconductor market.

Wall Street Ends Mixed as Nvidia Nears $4 Trillion, Tesla Rebounds

The NY stock market showed mixed results with Nvidia nearing a $4 trillion cap, while tariffs and Musk's politics impact Tesla.

Oil Prices Climb Again as Red Sea Tensions Escalate

International oil prices rise due to U.S. tariff threats and tensions in the Red Sea, with Brent crude at $70.15 per barrel.

Tesla Tanks $68B as Musk Unveils New Political Party

The New York stock market declines after Trump imposes tariffs on South Korea and Japan, with Tesla losing $68 billion in value.

Oil Prices Climb After Saudi Arabia Hikes Export Rates

Saudi Arabia's surprise oil price hike boosts international oil prices, impacting markets and South Korea's oil imports significantly.

Related Articles